Unit of competency Outline

Date retreived
23/07/2026 6:52 AM AWST

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Prepare tax documentation for individuals

Prepare tax documentation for individuals

Unit of competency
National Code
FNSACC502
State Code
AUQ08
TGA Status
Replaced
DTWD Status
Replaced
Current Release Number
1.00
Current Release Date
25/03/2015
View on TGA
State Implementation and Classification
Approved Date
16/09/2015
Field of Education
080101 - Accounting
Original Release Date
16/09/2015
Nominal Hours
70
Description
This unit describes the skills and knowledge required to prepare non-complex income tax returns for individuals in accordance with statutory requirements, and encompasses gathering and verifying data, calculating taxable income and reviewing compliance requirements.It applies to individuals who use systematic approaches and follow specific guidelines to ensure compliance requirements are met.Work functions in the occupational areas where this unit may be used are subject to regulatory requirements. This unit is designed to meet educational requirements of the Tax Practitioner Board (TPB). Refer to the FNS Implementation Guide Companion Volume or the relevant regulator for specific guidance on requirements.
Notes
Elements and Performance Criteria
1. Gather client data and verify client, organisational and legislative requirements
  • 1.1 Determine client's tax documentation preparation requirements
  • 1.2 Conduct research to identify updates or additions to compliance requirements relevant to client circumstances, and establish recording and reporting requirements
  • 1.3 Gather current data from appropriate sources, and identify assessable income and allowable deductions
  • 1.4 Complete and record amounts in accordance with organisational and legislative requirements
  • 1.5 Identify discrepancies or any unusual features and conduct research to resolve, or refer to appropriate authority
  • 1.6 Identify accrued or prepaid income and expenditure, and record adjustments to value of assets and liabilities
2. Identify, record and present client's tax documentation
  • 2.1 Calculate client's tax obligations, in accordance with legislative requirements and information gathering practices
  • 2.2 Prepare relevant documentation within established timelines
  • 2.3 Seek advice and guidance from specialist to evaluate and moderate decision processes
  • 2.4 Discuss and confirm documentation with client to obtain client signature, authorisation and endorsement, ensuring legislative requirements are met
3. Lodge tax documentation
  • 3.1 Submit relevant documentation to Australian Taxation Office (ATO) within established timelines
  • 3.2 Advise client of current tax obligations and that advice from taxation authorities is to be followed
  • 3.3 Respond to tax office enquiries and meet taxation audit requirements, when applicable, in timely manner
No information
No information
Replaces
State Code National Code Title Type
WC231 FNSACC502B Prepare legally compliant tax returns for individuals Unit of competency
Replaced By
State Code National Code Title Type
BBH89 FNSACC512 Prepare tax documentation for individuals Unit of competency